One Of The Last Boardwalk Development Opportunities And Several Adjacent Lots In The South Inlet Of Atlantic City Are Being Sold At Bankruptcy Auction
MONTCLAIR, N.J., April 22, 2014 /PRNewswire/ -- The New Jersey office of AuctionAdvisors together with AJ Wilner Auctions announced the upcoming bankruptcy auction of 48 mostly contiguous lots on the oceanfront and south inlet in Atlantic City. The auction will take place both online at www.AuctionAdvisors.com and onsite at the Revel Casino on May 21st at 11AM. Buyers will be able to bid on one lot, several lots, or the entire assemblage. The auction sale is being conducted pursuant to an Order of the United States Bankruptcy Court In Re: GMAB Realty, LLC, as Debtor & In Re: SPE Realty, LLC, as Debtor.
The lots, which include highly desirable boardwalk and beachfront parcels, are located in the South Inlet, which is part of the Atlantic City Tourism District enacted by Governor Chris Christie that is aimed to improve Atlantic City's beach, boardwalk, and infrastructure. Just steps from the $1 Billion Revel Casino project and adjacent to the Lighthouse Park Project, this area has seen an upswing in revitalization over the past several years. Most recently, former NBA star Shaquillle O'Neal announced the development of a 7.9 acres site for a seven-screen movie theater, bowling alley, roller-skating rink, restaurant, shops and parking. In addition, the Bella Condominiums, a successful multi-story luxury condominium building, has had tremendous success and is located just two blocks from many of the lots being offered at auction.
"Buying properties in a bankruptcy context is a unique opportunity for investors big and small to take advantage of the upswing this area of Atlantic City will experience in the next few years. So far, we have been happy to receive some early indications of interest from bigger players who are aware of the bankruptcy filing and are interested in many or all of the lots. However, as our campaign unfolds, we expect this offering to generate significant interest among smaller investors who know the area well, but who will only be prepared to buy one or a maybe a few smaller lots" says Oren Klein, Managing Partner at AuctionAdvisors.
He adds "it will be interesting to see how this will play out. On the one hand, this assemblage took many years to put together and we think should be appealing to many larger players, on the other hand some of the larger players may not be able to outbid the individual investors who see the potential and want to bet on the area longer-term by buying a few lots."
The South Inlet is also expected to benefit from the completion of the $42 million South inlet Transportation Improvement Project which will provide direct access from the Atlantic City Expressway into the area. In addition, the connecting corridor will have a boulevard feel with lighting, new sidewalks and professionally irrigated landscaping. Revel has committed an additional $261 million to improve the immediate area.
"We want prospects to bid with confidence and know they will have good title to these lots, free and clear of any liens or encumbrances. We are also providing bidders access to environmental reports and surveys for each lot which will ease some of the due diligence work." said Joshua Olshin, Managing Partner at AuctionAdvisors. He adds "the time is now to buy into this area while the market is relatively soft and investors can bid in this context. The South Inlet has a great longer term future and those who are able to strategically acquire the right properties in Atlantic City will end up big winners."
AuctionAdvisors, based in the New York metropolitan area, is a full-service real estate auction company. With strategically located offices around the country, AuctionAdvisors services clients in the disposition of real estate and real estate related assets. For a complete list of auctions and sales or to learn more about AuctionAdvisors visit www.auctionadvisors.com.
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